Advanced Drainage Systems acquired National Diversified Sales (NDS) — water-management business of NORMA Group SE for approximately $1.0 billion (purchase price of $984.9 million; ~$972.5 million net of cash acquired; ~$875 million adjusted for present value of expected tax benefits), a transaction completed in February 2026, structured as all cash (primarily funded from cash on hand).
National Diversified Sales (NDS) — water-management business of NORMA Group SE operates in Stormwater / Allied Products, is based in United States (approximately 90% of sales) plus certain international operations, had revenue of about approximately $313 million (trailing twelve months ended June 2025). ADS agreed to acquire the outstanding capital stock of certain indirect subsidiaries of Germany-based NORMA Group SE that comprise substantially all of its water-management business, known as National Diversified Sales (NDS), under a Master Share Purchase Agreement dated September 23, 2025; the all-cash deal closed February 2, 2026. NDS adds residential water-management, access-box and irrigation solutions and generated about $313 million of trailing-twelve-month revenue (roughly 90% in the U.S.). Certain NDS international entities were classified as held for sale on acquisition. ADS obtained a warranty-and-indemnity insurance policy as recourse.
Expands ADS's water-management offering into complementary residential, access-box and irrigation segments, strengthens the Allied Products portfolio, broadens distribution and customer reach, and cements ADS's position as an end-to-end water-solutions provider.
over $25 million in expected annual run-rate cost synergies Stormwater reportable segment ADS recorded preliminary goodwill of $317.7 million and a customer-relationships intangible of approximately $419.0 million; NDS international entities meeting held-for-sale criteria on acquisition are reported as discontinued operations / held for sale.
The acquisition of NDS marks another important milestone in ADS' journey as it accelerates our strategy to diversify and increase the mix of highly profitable Allied and Infiltrator products that enhance resiliency, supports profitable growth, and allows ADS to pursue water management projects across a broader set of applications.Scott Barbour, Chief Executive Officer and President, Advanced Drainage Systems
We are excited to officially close this transaction and welcome NDS to the ADS family. This transaction builds on the progress we have made transforming ADS into a more diversified, higher-margin business.Scott Barbour, Chief Executive Officer and President, Advanced Drainage Systems
Advisory firms were not disclosed for this transaction.